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Does The 2024 Toyota Tacoma Cost More Than The Chevy Colorado And GMC Canyon?

The all-new 2024 Toyota Tacoma made its formal introduction last year, offering up a fresh fourth-generation rival for the Chevy Colorado and GMC Canyon. With an all-new design and enhanced powertrain options, including a hybrid variant, the new Tacoma is once again making waves in the mid-size truck segment. Now, GM Authority is providing a detailed comparison of the MSRPs for all trim levels of the new Toyota Tacoma, Chevy Colorado, and GMC Canyon to see how the Japanese automaker’s latest mid-sizer stacks up. We’ve also thrown in the 2024 Ford Ranger, just for good measure.

A group shot of the 2024 Toyota Tacoma trim level lineup.

Starting with the entry-level models, the Toyota Tacoma SR XtraCab 2WD is priced at $32,995, which is slightly higher than the Chevy Colorado WT 2WD at $31,095. The GMC Canyon’s closest counterpart, the Elevation 2WD, starts at $37,595, showing a significant premium over the base Tacoma.

Moving on, the Toyota Tacoma SR5 and the Chevy Colorado Trail Boss are similarly priced, with the Tacoma SR5 XtraCab 4WD starting at $40,895 and the Colorado Trail Boss starting at $38,895. The GMC Canyon Elevation 4WD, priced at $40,895, compares to the Tacoma TRD SR5 XtraCab 4WD at the same price point.

At the high end, the Tacoma’s off-road focused Trailhunter and TRD Pro trims, equipped with the i-Force Max hybrid engine, are notably pricier. The Trailhunter i-Force MAX 4WD is listed at $64,395, while the TRD Pro i-Force MAX 4WD starts at $65,395. By comparison, the Chevy Colorado ZR2 Bison Edition 4WD is less expensive at $60,095, while the GMC Canyon AT4X AEV Edition 4WD tops out at $65,995, aligning closely with the Tacoma TRD Pro.

Overall, while the Tacoma begins at a slightly higher entry point compared to the Colorado, its mid-range trims remain competitive. However, for the premium off-road trims, the Tacoma positions itself at the higher end of the price spectrum, justified in part by its advanced hybrid powertrain.

Check out the full pricing breakdown below:

2024 Chevrolet Colorado vs 2024 GMC Canyon vs 2024 Ford Ranger vs 2024 Toyota Tacoma Pricing
Trim Level Drivetrain 2024 Colorado 2024 Canyon 2024 Ranger 2024 Tacoma
WT 2WD $31,095 - - -
SR XtraCab 2WD - - - $32,995
XL 2WD - - $34,265 -
WT 4WD $34,395 - - -
LT 2WD $33,495 - - -
SR Double Cab 5-Ft Bed 2WD - - - $35,195
SR XtraCab 4WD - - - $36,195
LT 4WD $36,795 - - -
Elevation 2WD - $37,595 - -
SR5 XtraCab 2WD - - - $37,695
XLT 2WD - - $37,705 -
XL 4WD - - $37,910 -
SR Double Cab 5-Ft Bed 6MT 4WD - - - $38,395
SR Double Cab 5-Ft Bed 4WD - - - $38,395
SR5 Double Cab 5-Ft Bed 2WD - - - $38,765
Trail Boss 4WD $38,895 - - -
SR5 Double Cab 6-Ft Bed 2WD - - - $39,265
TRD PreRunner XtraCab 4WD - - - $39,595
Elevation 4WD - $40,895 - -
SR5 XtraCab 4WD - - - $40,895
TRD Sport Double Cab 5-Ft Bed 2WD - - - $40,895
XLT 4WD - - $41,190 -
TRD Sport Double 6-Ft Bed 2WD - - - $41,395
Z71 4WD $41,795 - - -
SR5 Double Cab 5-Ft Bed 4WD - - - $41,965
SR5 Double Cab 6-Ft Bed 4WD - - - $42,465
TRD Sport Double Cab 5-Ft Bed 6MT 4WD - - - $43,295
TRD Off-Road Double 5-Ft Bed 6MT 4WD - - - $43,295
TRD Sport Double Cab 5-Ft Bed 4WD - - - $44,095
TRD Off-Road Double 5-Ft Bed 4WD - - - $44,395
AT4 4WD - $44,595 - -
TRD Sport Double Cab 6-Ft Bed 4WD - - - $44,595
TRD Off-Road Double Cab 6-Ft Bed 4WD - - - $44,895
Lariat 2WD - - $45,225 -
TRD Sport i-Force MAX 4WD - - - $47,795
TRD Off-Road i-Force MAX 4WD - - - $48,095
ZR2 4WD $48,395 - - -
Lariat 4WD - - $48,710 -
Denali 4WD - $52,595 - -
Limited Double Cab 5-Ft Bed 4WD - - - $53,595
AT4X 4WD - $55,895 - -
Raptor 4WD - - $57,065 -
Limited i-Force MAX 4WD - - - $57,295
ZR2 Bison Edition 4WD $60,095 - - -
Trailhunter i-Force MAX 4WD - - - $64,395
TRD Pro i-Force MAX 4WD - - - $65,395
AT4X AEV Edition 4WD - $65,995 - -
DFC (included in prices above) $1,595 $1,595 $1,595 $1,495

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Jonathan is an automotive journalist based out of Southern California. He loves anything and everything on four wheels.

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Comments

  1. No Way I pay more for a Tacoma trim level over a Bison. The only thing I see there are those fancy seats, but who ever runs their truck at high speeds to use racing seats?

    Reply
  2. Toyota and Lexus excel at designing ugly cars, especially their front ends.

    Reply
    1. Not a fan. Yet both are big successes in the market place. Beauty is in the eye of the beholder. Build good reliable vehicles and they will come.

      Reply
      1. Looking at the JD Powers ratings over the last many years brings me to the conclusion that Toyota does not presently have a quality edge that they had in the 1980’s – 1990’s. Also, over the decades Toyota pickups have not been problem free. Chronic frame and cargo box rust through problems plagued Toyota pickups for many years and Toyota’s truck V6 engines were known for head gasket failures. It’s curious why a Toyota fan is posting on a GM enthusiast website. Do GM enthusiasts post the virtues of GM products on the Toyota Nation website?

        Reply
        1. To Rick: Toyota just happens to have a strangely loyal group of followers that I refer to as sheep. Toyota could take a dog turd, stick wheels and their name on it and the sheep would buy it.

          Eric Vest: What you say is very true. But even going back to the 80/90’s, Toyota has had a thing that they do (verified by a friend who has been selling Toyota’s for over 30 years). I can’t verify if they still do this today, but they did up till around 2010 from what he told me. If Toyota find an issue and in order to avoid recalls and bad publicity, they will send letters to owners of vehicles affected. The letter would say to come in for a complimentary oil change and car wash. When the customers brought the cars in, the dealer would perform the (fill in the blank) service unknown to the customer. If any questions were asked, the dealer was told to say they found (XYZ issue) while doing the oil change and then fixed it. For the majority of the customers, they never knew anything was done and they left happy because of the free oil change and car wash. Toyota avoided a recall and/or bad press. Win-win right? Yes, but a dirty way of handling things. Point being that Toyota has conned drivers into thinking their cars are way better than others. That helped their reputation in the past, but any more today all brands have gotten even better leaving Toyota no room to stay at the top.

          Reply
          1. As I said, not a fan. Have never owned either. But both brands are successful. Let’s see if a Detroit brand can pass them. While GM was ruining Cadillac, Toyota put Lexus on the map.

            Reply
            1. My first car was a hand-me-down Toyota Corolla back in the early 80’s. That was my last personal experience with them until my (now ex) wife had a 2003 Camry when we met and got married. That car wasn’t a bad car, but it still cost me more to keep up, even with low miles, than what my GM cars did. There wasn’t anything offensive about it, but zero that made it compelling to own either.

              Reply
              1. I have owned GM, Ford, Chrysler, Honda, and Toyota cars and the worst car by far that I owned was a 2000 Toyota Corolla LE that I bought new, was perfectly maintained, and was garaged. This car had paint failures, rear quarter panel rust through, tremendous oil consumption, and it went through batteries, tires, wheel bearings, serpentine belts / tensioners, and brakes at a much higher rate than the GM cars that I have owned. I had to replace both the CD changer and hood latch twice. I have never had a problem with hood latches until I owned a Toyota.

                Reply
                1. As I said I have never owned a Toyota. I am a former owner of over 20 gm vehicles. I left gm because of their horrible quality in the 1995-2010. Engines, transmissions, electronics. We have since had 2 Honda SUVs, CR-V and Pilot, over 175K miles and only one trip to a dealer for an air bag recall. We now also have a RAM 1500 that my wife selected because of the luxury interior and the smooth ride. So far it has been very good. Our other vehicle is a Tesla which thankfully, we leased (check resale drop). The lease expires in June. It has been a good but far from great vehicle. We will not get another EV. Decided on an SUV plug in hybrid. Make TBD. It will replace the Honda and the Tesla. Retired, only need one daily driver.
                  No gm vehicle on our shopping list.

                  Reply
                  1. I have owned 2 Honda Accord EXs and 2 Honda Civic EXs that I bought new. The drivetrains on these Hondas were far better than the drivetrain on the Toyota Corolla LE that I owned. That said, I like the 2018 Chevrolet Cruze LE Diesel Hatchback that I also bought new better than any of the Hondas or the Toyota that I have owned.

                    Reply
  3. New trucks are way to expensive. I will be wanting to replace my 2016 Colorado z71 in a year or so. But there’s no way I would ever consider a new truck. The cheapest 4×4 is almost 35k. Ridiculous

    Reply
  4. There is a reason that Tacoma dominates the mid-size truck segment. Many years of producing good trucks.

    Reply
    1. You are getting tons of downvotes, but the market data does not lie. Whether it is based in fact or perception, Taco has the lead by wide margin.

      Reply
      1. The Chevrolet Silverado / GMC Sierria, Ford F150, and the Ram pickups outsell the Toyota Tundra by wide margins. Does that mean the Tundra’s quality is not competitive or the Tundra is subpar in some other way?

        Reply
        1. Simple. Detroit has built full-size trucks that better meet what customers want for many years. Detroit has missed/ignored what buyers of mid-sized pickups want/need.

          Reply
          1. The Japanese started the small pickup segment in the United States by importing small trucks into the United States. Since they started the small truck segment that gives them an advantage. Also, GM has only one plant making mid-size trucks for the United States market. Toyota has three North American plants making the Tacoma for the United States market. Once GM reaches an efficient production level at the Wentzville Assembly Plant GM does not have to be as aggressive with sales pricing and incentives as Toyota does to run its three plants efficiently. If GM wanted to outsell the Tacoma, GM would have to be ready to commit a lot of capital to new assembly plants and tooling at a point in their history when they have their hands full in their BEV effort.

            Reply
  5. Midsize truck prices are way out of hand. No way a midsized truck should cost the same amount as a full size 1500 or even a 2500.

    Reply
    1. Yeah but that full size truck you should be comparing these to are now $80K.
      I just priced out a F-150 Lariat Crew to replace my wife’s 2020 and we’re looking at $76,000+.. A loaded Ranger Lariat is in the low to mid $50’s…
      Both prices are crazy…. PRICING AVERAGE JOE/JANE OUT IF THE MARKET.
      IT’S NUTSâ– â– â– â– â– â– 

      Reply
    2. Nyte: Let me fix your comment for you: “Midsize AND full size truck prices are way out of hand.”

      You’re welcome. haha.

      Reply
  6. Mid(small trucks) are priced more then many of these large tricks. I can buy a almost like new Chevy 1500 Diesel with 42,000 miles, with brand new tires ($1,000) tire prices are outrageous from my buddy for $40,000 as of May 3, 2024. 2019 Chevy Silverado 70,000 miles or less is selling for around $28,000-$32,000 as i type. I really wanted the Colorado when they first came out. With unaffordable interest rates, a midsize truck payment is running about $900-$1,000 a month. After interest the cost for a midsize is out of control. We must be smarter at this moment in life. Things are really bad, unaffordable. We should never have to sacrifice food on the table to make a car note in order to have reliable transportation to and from life’s responsibility’s. Most importantly I would love to know who is buying all these expensive vehicles. Because they must be highly in debt or winning lottos.

    Reply
  7. Turbos are for hot rods and race cars. All these 4 turbos are trouble

    Reply
    1. Diesel trucks have entered the chat….

      Reply

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